Many homeowners are guilty of financing renovations on credit cards

A May study by Hearth, a financial technology start-up that provides support for homeowners making renovation decisions, found that 12 percent of Americans planned to finance their renovation with a credit card, which is one of the most expensive ways to finance the cost.

The Hearth loan calculator can help homeowners evaluate various financing options for their renovation projects. Homeowners can also use Web and mobile apps such as Buildshop to plan and organize their renovation projects and budget for them.